All Forum Posts by: Andy Ballester

Thx for all past advice from from BP members been on site for past few mths and, have been anxious to invest for quite sometime. I have just had an accepted offer it is a foreclosed fannie may property it is a 2 bedroom 1 bath 1250 sq foot property needs approx 5-6thou worth of work all cosmetic was recently lived in 4 mths ago it use to be a 3bedroom wall was taken down and now unfinished 2 bedroom new drywall but it looks like, hate to put it this way half assed work. Originally listed at 25000, offered 19000, response of 24000, I reofferd 20000 agent just called and said offer has been accepted. Obviously contingent with inspection and title search. In a few hrs I meet with agent he told me to bring check for 2000. Im assuming 10% as down payment. Property is in C+ neighboorhood and after repairs should rent for 7to 750 per month taxes are 100 per mth insurance assuming around 80. Im sure this property meets all the rules ques is my first major investment, what do I ask, what do I need, and am I missing anything thx for all advice.

wow surprised it took so long for someone to welcome you thx for being a part of this community, as for phil pujawhatever you can see all of his seminars basically on youtube for free, some really good info, some also left to be desired, you will be fine in all your endeavors, no matter what your ques. There is probably a99% chance someone on this site will have valuble info, or atleast point you in the right direction. Welcome.

@Scott Swink Your probably right on all aspects, I believe I need to reaproach things a little differently, break down and get the credit card, believe it or not I actually do have one in my wallet for over a yr and have never activated it it does not expire for quite sometime guess ill call them up and see if its able to still able to be activated. My thought process in the past was dont occur to much or any debt and your credit will be fine, now i guess accrue a little and take care of it asap. I just hope I can raise it sooner than later. Only to have a lower interest rate on any future mortgage payments. Thx for your thoughts.

@Joe Gore thx for response im just not sure why I have bad credit utility bills, rent all past bills have been paid on time except for school loans, which were diferred yrs ago I have not missed a payment in 4 yrs never late just not sure why and how credit score dropped 70 pts with on time payments and no new debt. In my mind I have good credit and am very resbonsible, just not according to the credit agency for some reason.

@Michaela Graham I think you may have miss understood I have not missed a payment in 4yrs accounts are on school loans which on report say payed on time what is agreed upon I have no new debt and score has dropped 70 pts 215$ is from 09 will be taken care of tom in full I have no other debt whatsoever, and current debt is in good standing.

@Karen Margrave thx for the reply, I have had numerous credit card offers in the mail, just like im sure everyone else has I know real estate has a lot to do with leverage and having mortgage debts, when it comes to personal finance I just always believed if you cant pay cash you cant afford it, I guess I just need to change my philosphy in life, and get a credit card, I just never believed in the ripoff adjusting extremely high interest rates most americans get in trouble with. I do use a credit agency navy federal who offers a fixed 8% rate. I would pay off in full anyway and I do not have many expenses is there an expected ammount for instance if it was100$ a month and paid in full monthly is that suffient, and if I decided to get 2 credit cards and 50$ on second card would it help or hurt in advance thx for advice.

@ Ciprian L im sure that 215 has been taken into account but it was there 8 mths ago when my score was 705, Im just not sure why my credit score would drop 70 pts with no new dept and have been paying off existing school loans on time. Thx for reply will be taking care of it tommorow during working hrs.

I had just recently applied for a mortgage loan, but had not checked credit score in about 8 mths, however last time I checked score was a 705 on all 3 agencys, after applying I had only checked with experian assumed may be a little better, only to find out my credit score was 635 I have some school loans which I have missed some payments in distant past, have not missed a payment in 4 yrs only owe about 4800 left, 3 seperate loans required to pay 100 mth and I pay 125, and one other outstanding dept it is to a bank, for a previous closed account, which I owe 215$ it was from 09 for a 1$ overdraft which they kept billing me 30$ a day for a week before I was notified needless to say I was extremely upset and closed account, I know stupid I should of taken care of it and will as soon as posable. Im also a merchant marine so I basicaly live on the ocean I have 15000 in a thrift savings plan and 40000$ in cash assets no home, no car payment, no credit card debt, honestly never had a credit card. And there is no new dept on my credit report, how could my score drop 70 points and if I pay off school loans in full how long and how much could it rise. What is my next step I could have zero debt tommorow. But not sure how much it would help suggestions please.

definitly not an expert in this area but it sounds like you have some equity in this property, so before you get foreclosed on why not just sell make a little money, start over with another property, you say you have 30 days left get it on the market sell quickly or you get forclosed on lose the property hurt your credit, and in a tougher situation then you currently are. You say you have six propertys with clear title why cant you get a loan through another lender im assuming because your in foreclosure but you have a free n clear portfolio I would assume would count for something somewhere. Maybe someone else on this site may have a suggestion. To have 6 clear titles you have done something right in the past cut your losses and do it again. With your other propertys you def have some cash flow get better and get back to work. Not much time left.

I'm new to the game myself, and you will find tons info on this site, most important make money when you buy. Buy below market. There are lots of very simple rules you can find in the begginer guide. One thing that stuck out to me is when you say easier said than done. I think a lot of people want to own real estate. And its probably easier done than said you just have to make the first move. You already have the backround take what you have learned and make it work, I think most people have fear I believe I read it in unlimited power yrs ago and something to the nature of those four letters stands for false evidence aint real. Find your property get financed and make your move.